On October 25th, Joseph Prete, a colleague of our late Financial Secretary, Dawn Angarone, and an attorney with Barney, McKenna & Olmstead, gave us a detailed description of the estate planning process. He spoke about estate planning strategies including trusts and wills and explained the good and bad of each. He pointed out that it is EXTREMELY important that everyone have an estate plan. If you should die without one, the laws of Utah and the courts would decide who receives the proceeds from your estate and the distribution may NOT be what you want. Not having an estate plan can lead to significant taxes on your estate or for your heirs. Also, if you own a business, either alone or with partners, that a business succession plan is a must. Estate planning, though, is not just about what happens to your assets when you die. It should also include planning for what will happen should you become incapacitated and unable to manage your affairs.